Software as a Service - Serbia | Statista Market Forecast

Revenue in the Software as a Service market is projected to reach US$121.10m in 2024.
0.0 dominates the market with a projected market volume of 0.0 in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 22.44%, resulting in a market volume of US$333.30m by 2029.
In global comparison, most revenue will be generated United States (US$187.20bn in 2024).

Definition:

Software as a Service (SaaS) refers to the type of public cloud service that delivers software applications over the internet on a subscription basis. Users can access and use the software through web browsers without having to install or maintain it locally. SaaS eliminates the need for purchasing, installing, and updating software, thus offering convenience and automatic updates while allowing users to focus on using the software to meet their requirements. The SaaS market includes the companies that provide these types of cloud-based software resources and services to individuals, businesses, and organizations. A typical example of this type of service is Microsoft Office 365, an SaaS suite of applications (e.g., Word, Excel, and PowerPoint) available for purchase by subscription and accessible via a web browser.

Additional Information:

The Software as a Service (SaaS) market comprises revenue, revenue change, average spend per employee, and key player market shares as key performance indicators. Only revenues that are generated by primary vendors at the manufacturer price level either directly or through distribution channels (excluding value-added tax) are included, and revenues generated by resellers are excluded. Revenues are generated through both online and offline sales channels and include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Detailed definitions of each market can be found on the respective page where the market data is displayed.

Key players of the SaaS market include companies such as Microsoft (Office 365), Salesforce (Customer 360), Oracle (Cloud applications), and IBM (Cloud).

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Enterprise software, such as SAP ERP, Oracle ERP Cloud, Salesforce CRM, and Microsoft Dynamics365
Productivity software, such as Microsoft 365, Google Workspace, and Adobe Creative Cloud

System infrastructure software, such as Microsoft Windows Operating System and Linux Operating System
On-premises software, such as on-premises versions of Microsoft Office, SAP ERP, and Oracle Database
Business-Process-as-a-Service (BPaaS), such as payroll management and accounting solutions via ADP Workforce Now, Intuit QuickBooks Online, Workday, and Oracle NetSuite

The Software as a Service Market in Serbia has seen steady growth in the Public Cloud market, driven by factors like the increasing use of digital technologies, growing health awareness among consumers, and the convenience of online health services. However, the average growth rate is impacted by factors such as competition, government regulations, and customer trust in data security.

Customer preferences: The Software as a Service market in Serbia has seen a rise in demand for cloud-based solutions, with more businesses and organizations opting for remote work and virtual collaboration tools. This trend is a result of changing work cultures and an increased focus on cost-efficiency and flexibility. Additionally, the shift towards digital transformation in various sectors, such as education and healthcare, has also contributed to the growing demand for SaaS solutions. As a result, there has been a significant increase in the adoption of cloud-based services in Serbia, indicating a growing preference for scalable and efficient solutions.

Trends in the market: In Serbia, the Software as a Service Market within the Public Cloud Market is experiencing a surge in demand for cloud-based solutions, as businesses and organizations seek to optimize their operations and reduce costs. This trend is expected to continue with the increasing adoption of digital transformation strategies and the need for remote work capabilities. As a result, the market is projected to witness significant growth in the coming years. This shift towards cloud-based solutions also presents opportunities for industry stakeholders, such as software providers and cloud service providers, to expand their offerings and cater to this growing demand. Additionally, the rise of mobile devices and the need for on-the-go access is driving the adoption of Software as a Service, making it a highly relevant and lucrative market for businesses to tap into.

Local special circumstances: In Serbia, the Software as a Service Market within the Public Cloud Market is influenced by the country's growing digital economy and its efforts towards digital transformation. The government has launched initiatives to promote the adoption of cloud-based solutions, creating a supportive environment for the growth of the market. Additionally, the country's strong IT sector and skilled workforce contribute to the development of innovative and competitive SaaS offerings. The unique geographical location of Serbia, situated at the crossroads of Europe, also provides access to a diverse customer base, further propelling the market's growth.

Underlying macroeconomic factors: The growth of the Software as a Service Market within the Public Cloud Market in Serbia is heavily influenced by macroeconomic factors such as the country's overall economic health, government fiscal policies, and global economic trends. The adoption of cloud-based solutions is directly impacted by the financial stability of businesses and organizations, as well as the government's support for digital transformation. Additionally, the increasing demand for cost-effective and scalable software solutions in the public sector is driving the growth of the SaaS market in Serbia. The country's favorable regulatory environment and investment in digital infrastructure are also contributing to the market's expansion.

Data coverage:

The data encompasses B2B and B2C enterprises. Figures are based on the money spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP and level of telecommunications infrastructure.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Together with platform as a service (PaaS) and infrastructure as a service (IaaS), software as a service (SaaS) is one of the three primary tiers of cloud computing. It allows businesses to redirect resources away from IT hardware, software, and personnel expenses, and towards other business needs. Currently, the most prominent companies in the SaaS market are Microsoft, Salesforce, Oracle, SAP, and Google.